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Financial Analysis
Of
Hero Motocorp Limited
A
Project Report
Presented to
Dr. Ashwin Modi
Faculty Member,
s.k.school of business management,
North Gujarat university.
On
Octomber,2013

In Partial fulfilment of the requirement for the
Managerial Accounting-1 Course in the
Master of Business Administration Programme

By:
Mihir Dave (06)
Yogesh Parmar(26 )



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Chapter 1
Introduction of the company











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1.1 Company profile
Hero is the brand name used by the Munjal brothers for their flagship company, Hero
Cycles Ltd. A joint venture between the Hero Group and Honda Motor Company was
established in 1984 as the Hero Honda Motors Limited at Dharuhera, India. Munjal family
and Honda group both owned 26% stake in the Company. In 2010, it was reported that Honda
planned to sell its stake in the venture to the Munjal family.
During the 1980s, the company introduced motorcycles that were popular in India for their
fuel economy and low cost. A popular advertising campaign based on the slogan 'Fill it
Shut it Forget it' that emphasised the motorcycle's fuel efficiency helped the company grow
at a double-digit pace since inception. The technology in the bikes of Hero Honda for almost
26 years (19842010) has come from the Japanese counterpart Honda.
Hero MotoCorp has three manufacturing facilities based at Dharuhera, Gurgaon in Haryana
and at Haridwar in Uttarakhand. These plants together are capable of churning out 3 million
bikes per year.[12] Hero MotoCorp has a large sales and service network with over 3,000
dealerships and service points across India. Hero Honda has a customer loyalty program since
2000,[13] called the Hero Honda Passport Program.
The company has a stated aim of achieving revenues of $10 billion and volumes of 10 million
two-wheelers by 201617. This in conjunction with new countries where they can now
market their two-wheelers following the disengagement from Honda. Hero MotoCorp hopes
to achieve 10 per cent of their revenues from international markets, and they expected to
launch sales in Nigeria by end-2011 or early-2012. In addition, to cope with the new demand
over the coming half decade, the company is coming up with their fourth factory in
Neemrana, Rajasthan while their fifth factory is planned to be set up in Gujarat.
1956Formation of Hero Cycles in Ludhiana(majestic auto limited)
1975Hero Cycles becomes largest bicycle manufacturer in India.
1983Joint Collaboration Agreement with Honda Motor Co. Ltd. Japan signed Shareholders
Agreement signed
1984Hero Honda Motors Ltd. incorporated
1985Hero Honda motorcycle CD 100 launched.

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1989Hero Honda motorcycle Sleek launched.
1991Hero Honda motorcycle CD 100 SS launched.
1994 Hero Honda motorcycle Splendor launched.
1997Hero Honda motorcycle Street launched.
1999 Hero Honda motorcycle CBZ launched.
2001 Hero Honda motorcycle Passion and Hero Honda Joy launched.
2002Hero Honda motorcycle Dawn and Hero Honda motorcycle Ambition launched.
2003Hero Honda motorcycle CD Dawn, Hero Honda motorcycle Splendor plus, Hero
Honda motorcycle Passion Plus and Hero Honda motorcycle Karizma launched.
2004Hero Honda motorcycle Ambition 135 and Hero Honda motorcycle CBZ* launched.
2005Hero Honda motorcycle Super Splendor, Hero Honda motorcycle CD Deluxe, Hero
Honda motorcycle Glamour, Hero Honda motorcycle Achiever and Hero Honda Scooter
Pleasure.
2007New Models of Hero Honda motorcycle Splendor NXG, New Models of Hero Honda
motorcycle CD Deluxe, New Models of Hero Honda motorcycle Passion Plus and Hero
Honda motorcycle Hunk launched.
2008New Models of Hero Honda motorcycles Pleasure, CBZ Xtreme, Glamour, Glamour
Fi and Hero Honda motorcycle Passion Pro launched.
2009New Models of Hero Honda motorcycle Karizma:Karizma ZMR and limited edition
of Hero Honda motorcycle Hunk launched
2010New Models of Hero Honda motorcycle Splendor Pro and New Hero Honda
motorcycle Hunk and New Hero Honda Motorcycle Super Splendor launched.
2011New Models of Hero Honda motorcycles Glamour, Glamour FI, CBZ Xtreme,
Karizma launched. New licensing arrangement signed between Hero and Honda. In August
Hero and Honda parted company, thus forming Hero MotoCorp and Honda moving out of the
Hero Honda joint venture. In November, Hero launched its first ever Off Road Bike Named
Hero "Impulse".

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2012-New Models of Hero Motocorp Maestro the Musculine scooter and Ignitor the young
generation bike are launched.
2013-New Karizma ZMR 2014 launched in Macau with EBR engines.


































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1.2 Board of Directors

PROFILE OF DIRECTORS


Dr. Brijmohan Lall Munjal
Chairman &
Whole Time Director



Mr. Pradeep Dinodia
Non Executive &
Independent Director




Gen. (Retd.)
V. P. Malik
Non Executive &
Independent Director


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Mr.Suman
Kant Munjal
Non Executive Director



Mr. Paul Edgerley
Non Executive Director



Dr. Anand C. Burman
Non Executive &
Independent Director


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Mr. Sunil Kant Munjal
Jt. Managing Director



Mr. M. Damodaran
Non Executive &
Independent Director



Dr. Pritam Singh
Non Executive &
Independent Director


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Mr. Ravi Nath
Non Executive &
Independent Director



Mr. Pawan Munjal
Managing Director
& CEO











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1.3 About Company

Hero MotoCorp Ltd. (Formerly Hero Honda Motors Ltd.) is the world's largest
manufacturer of two - wheelers, based in India.
In 2001, the company achieved the coveted position of being the largest two-wheeler
manufacturing company in India and also, the 'World No.1' two-wheeler company in
terms of unit volume sales in a calendar year. Hero MotoCorp Ltd. continues to
maintain this position till date.


VISION
The story of Hero Honda began with a simple vision - the vision of a mobile and an
empowered India, powered by its two wheelers. Hero MotoCorp Ltd., company's new
identity, reflects its commitment towards providing world class mobility solutions
with renewed focus on expanding company's footprint in the global arena.


MISSION
Hero MotoCorps mission is to become a global enterprise fulfilling its customers'
needs and aspirations for mobility, setting benchmarks in technology, styling and
quality so that it converts its customers into its brand advocates.
The company will provide an engaging environment for its people to perform to their
true potential. It will continue its focus on value creation and enduring relationships
with its partners.

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STRATEGY
Hero MotoCorps key strategies are to build a robust product portfolio across
categories, explore growth opportunities globally, continuously improve its
operational efficiency, aggressively expand its reach to customers, continue to invest
in brand building activities and ensure customer and shareholder delight.


BRAND
The new Hero is rising and is poised to shine on the global arena. Company's new
identity "Hero MotoCorp Ltd." is truly reflective of its vision to strengthen focus on
mobility and technology and creating global footprint.
Building and promoting new brand identity will be central to all its initiatives,
utilizing every opportunity and leveraging its strong presence across sports,
entertainment and ground-level activation.




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MANUFACTURING
Hero MotoCorp two wheelers are manufactured across 3 globally benchmarked
manufacturing facilities. Two of these are based at Gurgaon and Dharuhera which are
located in the state of Haryana in northern India. The third and the latest
manufacturing plant is based at Haridwar, in the hill state of Uttrakhand.


DISTRIBUTION
The Company's growth in the two wheeler market in India is the result of an intrinsic
ability to increase reach in new geographies and growth markets. Hero MotoCorps
extensive sales and service network now spans over to 5000 customer touch points.
These comprise a mix of authorized dealerships, service & spare parts outlets, and
dealer-appointed outlets across the country.






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1.4 Listing information

Hero motocorp has been growing in leaps & bounds.
Heres a sneak peak.
Hero MotoCorp Ltd. is actively traded on the bourses and is included in the omputation of the
BSE-100, BSE-200, BSE-500, S&P CNX Nifty and S&P CNX 500. The scrip is traded on
the nationwide network of terminals of the following
Stock Exchanges:

BOMBAY STOCK EXCHANGE LIMITED
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001.
Telephone: 022-2272 1233/34
Facsimile: 022-2272 1919
e-mail:
Website: www.bseindia.com
BSE Code: 500182


NATIONAL STOCK EXCHANGE LIMITED
Exchange Plaza, Plot No C/1,
G Block, Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051.
Telephone: 022-2659 8100-114
Facsimile: 22-2659 8120
e-mail:
Website: www.nseindia.com
BSE Code: 500182


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1.5 Analysis of directors speech

Word 2007 2008 2009 2010 2012 2013 Total
Company 27 24 17 15 21 23 127
Performance 6 4 4 5 8 6 33
Increase 5 7 7 9 8 3 39
Your company 15 14 12 12 8 17 78
Sales 7 9 6 8 12 15 57
Profit 4 3 2 1 5 6 21
Product 15 18 11 11 20 13 88
Growth 20 12 11 17 20 16 96
Advantage 4 8 6 10 12 4 44
Loss 0 0 0 0 0 0 0
Decrease 0 0 0 0 0 0 0









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Chapter 2
Trend Analysis














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2.1 Trend Analysis of Balance Sheet
particulars Mar-11 Mar-12 Mar-13

I EQUITY AND LIABILITIES


1 Shareholders funds
(a) Share capital 100 100 100
(b) Reserves and surplus 100 146 170

2 Non - current liabilities
(a) Long term liabilities 100 69 21
(b) Deferred tax liabilities (Net) 100 84 54
(c) Long - term provisions 100 107 85

3 Current liabilities
(a) Trade payables 100 111 90
(b) Other current liabilities 100 34 31
(c) Short - term provisions 100 101 135

Total 100 92 90

II ASSETS

1 Non - current assets
(a) Fixed assets
(i) Tangible assets 100 108 117
(ii) Intangible assets 100 83 48
iii) Capital work-in-progress 100 78 124

(b) Long term investments, non- current 100 145 132
c) Long - term loans and advances 100 156 228
d) Other non- current assets 100 158 222

2 Current assets
(a) Current investments 100 71 65
(b) Inventories 100 129 121
(c) Trade receivables 100 209 509
(d) Cash and cash equivalents 100 107 253
(e) Short - term loans and advances 100 138 161
(f) Other current assets 100 110 87

Total 100 92 90



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2.2 Interpretation of trend analysis of balance sheet
2.2.1 Shareholders funds
PARTICULARS Mar-11 Mar-12 Mar-13
Shareholders funds 100 145 169



Interpretation:
This chart shows the share holders fund which contains a) share capital b) reserves and
surplus. In base year share holders fund is 100 which is rapidly increase in next two year. In
2012 it become 145 and in 2013 it become 169. With respect to the base year it is increase so
that we can say that company is good in the share capital.

0
20
40
60
80
100
120
140
160
180
Shareholders funds
shareholders' funds
Mar-11
Mar-12
Mar-13

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2.2.2 Non - current liabilities
PARTICULARS Mar-11 Mar-12 Mar-13
Non - current liabilities 100 72 27



Interpretation:
This chart shows the Non - current liabilities which contains (a) Long term liabilities (b)
Deferred tax liabilities (Net) (c) Long - term provisions. In base year Non - current liabilities
is 100 which is rapidly decrease in next two year. In 2012 it become 72 and in 2013 it
become 27. With respect to the base year it is decrease so that we can say that company is
good in management of non-current liabilities.

0
20
40
60
80
100
120
Non - current liabilities
Non - current liabilities
Mar-11
Mar-12
Mar-13

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2.2.3 Current liabilities
PARTICULARS Mar-11 Mar-12 Mar-13
Current liabilities 100 72 69




Interpretation:
This chart shows the current liabilities which contains (a) Trade payables (b) Other current
liabilities (c) Short - term provisions. In base year share holders fund is 100 which is rapidly
decrease in next two year. In 2012 it is become 72 and in 2013 it become 69. With respect to
the base year it is decrease so that we can say that company is good in the current liabilities.
As per the data we can say that company is now at very good position.

0
20
40
60
80
100
120
Current liabilities
Current liabilities
Mar-11
Mar-12
Mar-13

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2.2.4 Fixed assets

PARTICULARS MAR-11 MAR-12 MAR-13
Fixed assets 100 93 76




Interpretation:
This chart shows the situation of fixed assets in the company. Fixed assets contain (i)
Tangible assets (ii) Intangible assets (iii) Capital work-in-progress. In base year share holders
fund is 100 which is decrease in next two year. It is shows that company is going to decrease
their fixed assets as per the technology change. As per the data we can say that company is on
right way.
0
20
40
60
80
100
120
Fixed assets
Fixed assets
Mar-11
Mar-12
Mar-13

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2.2.5 long term investment

PARTICULARS Mar-11 Mar-12 Mar-13
Long term investments, non- current 100 145 132



Interpretation:
This chart shows the long term investment is more in 2012 as compare to the base year. Then
in 2013 it is slide decrease and become 132 which were 145 in 2012. Company has invested
more and more in outside market. Its good for the share holders to invest in the company.


0
20
40
60
80
100
120
140
160
Long term investments, non- current
long term investment
Mar-11
Mar-12
Mar-13

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2.2.6 Long - term loans and advances
PARTICULARS Mar-11 Mar-12 Mar-13
Long - term loans and advances 100 156 228



Interpretation:
This chart represents increasing trend of long term loans and advances. It is quite high in
2013. As per the base year it is constantly increase in 2012 it was 156 which is now 228 in
2013. This situation shows that company gain more and more loan and advances from outside
which is not so good for the company.


0
50
100
150
200
250
Long - term loans and advances
Long - term loans and advances
Mar-11
Mar-12
Mar-13

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2.2.7 Current assets



Interpretation:
The above chart of current assets shows the fluctuating trend. The current assets of the
company decreased 100 in 2011 to 84 in 2012. Then after it is increase and become 88 in
2013. Current assets increase or decrease because of the inventories in this case company
decrease their inventories as compare to the base year.

75
80
85
90
95
100
105
Current assets
Current assets
Mar-11
Mar-12
Mar-13
PARTICULARS Mar-11 Mar-12 Mar-13
Current assets 100 84 88

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2.3 Trend Analysis of profit and loss account

Particular Mar-11 Mar-12 Mar-13
I revenue from operations

(a) Gross sales of products 100 121 123
Less: Excise duty 100 117 133

(b) Other operating revenue 100 138 121
Net revenue from operations 100 122 123
Ii other income 100 126 138
Iii total revenue (i + ii) 100 122 123
Iv expenses:
(a) Cost of materials consumed 100 123 123
(b) Changes in inventories of finished goods and work in-
progress
100 348 136
(c) Employee benefits expenses 100 119 133
(d) Finance costs 100 140 79
(e) Depreciation and amortization expenses 100 273 284
(f) Other expenses 100 95 110
TOTAL EXPENSES 100 123 126
V profit before exceptional items and tax (iii - iv) 100 115 102
Vi exceptional items 100 0 0
Vii profit before tax (v - vi) 100 119 105
Viii tax expenses:
(a) Current tax 100 120 106
(b) Minimum alternate tax 100 48 17
(c) Net current tax 100 137 127
(d) Deferred tax 100 41 81

IX PROFIT FOR THE YEAR (VII-VIII) 100 123 110
X BASIC AND DILUTED EARNINGS PER EQUITY SHARE 100 118 106


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2.3.1 Gross sales of products



Interpretation:
The chart of sales shows increasing trend throughout the years. As in 2011 it was 100 which
was increase in 2012 by 121 then after it is increase and become 123 in 2013. This situation
of the company is good for the company because it shows the demand of company is increase
day by day.


0
20
40
60
80
100
120
140
Gross sales of products
Mar-11
Mar-12
Mar-13
PARTICULAR Mar-11 Mar-12 Mar-13
Gross sales of products 100 121 123

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2.3.2 Other operating revenue








0
20
40
60
80
100
120
140
160
Other operating revenue
Mar-11
Mar-12
Mar-13
PARTICULAR Mar-11 Mar-12 Mar-13
Other operating revenue 100 138 121

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PARTICULAR Mar-11 Mar-12 Mar-13
Other income 100 126 138





This chart represents the trend of other income in base year 2011 it was 100. Then after it is
rapidly increase in 2012 it is 126 and then after it is become 138. Over all comparison of
chart says that other income is increase which is good for company and shareholders also.


0
20
40
60
80
100
120
140
160
OTHER INCOME
Mar-11
Mar-12
Mar-13

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PARTICULAR Mar-11 Mar-12 Mar-13
(a) Cost of materials consumed 100 123 123




Interpretation:
This chart represents the trend of cost of materials consumed in base year 2011 it was 100.
Then after it is rapidly increase in 2012 it is 123 and then after it is become 123. Over all
comparison of chart says that cost of material consumed is increase which is good for
company because the consumption of row material is increase when production is increase it
is represent the increment of sales.


0
20
40
60
80
100
120
140
(a) Cost of materials consumed
Mar-11
Mar-12
Mar-13

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PARTICULAR Mar-11 Mar-12 Mar-13
(b) Changes in inventories of finished goods and work in-progress 100 348 136






0
50
100
150
200
250
300
350
400
(b) Changes in inventories of finished goods and workin-progress
Mar-11
Mar-12
Mar-13

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PARTICULAR Mar-11 Mar-12 Mar-13
(c) Employee benefits expenses 100 119 133



This chart represents the trend of Employee benefits expenses in base year 2011 it was 100.
Then after it is rapidly increase in 2012 it is 119 and then after it is become 133. Over all
comparison of chart says that cost of Employee benefits expenses is increase which is good
for employee of company but not for the company obviously production is increase and profit
also increase but company have to pay more for it which is not so good.



0
20
40
60
80
100
120
140
(c) Employee benefits expenses
Mar-11
Mar-12
Mar-13

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PARTICULAR Mar-11 Mar-12 Mar-13
(d) Finance costs 100 140 79







0
20
40
60
80
100
120
140
160
(d) Finance costs
Mar-11
Mar-12
Mar-13

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PARTICULAR Mar-11 Mar-12 Mar-13
(e) Depreciation and amortization expenses 100 273 284





The chart of depreciation shows increasing trend throughout the three years. As in 2011 it
was 100 which is base year then after it becomes 273 then in 2013 it is become 284. This
situation of company shows that the company increase their assets every year because of it
depreciation is increasing every year.

0
50
100
150
200
250
300
(e) Depreciation and amortization expenses
Mar-11
Mar-12
Mar-13

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PARTICULAR Mar-11 Mar-12 Mar-13
(f) Other expenses 100 95 110



This chart represents the trend of other expenses in base year 2011 it was 100. Then after it is
decrease in 2012 and become 95 and then after it is become 110. Over all comparison of chart
says that other expenses are increase which is not so good for company. Company should
have control their expenses.



85
90
95
100
105
110
115
(f) Other expenses
Mar-11
Mar-12
Mar-13

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PARTICULAR Mar-11 Mar-12 Mar-13
PROFIT BEFORE TAX 100 119 105




This chart shows the profit before tax is more in 2012 as compare to the base year. Then in
2013 it is decrease and become 105 which were 119 in 2012. The sales and expenses are
increasing and decreasing year by year so that fluctuation is made in PBT.



90
95
100
105
110
115
120
125
PROFIT BEFORE TAX
Mar-11
Mar-12
Mar-13

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PARTICULAR Mar-11 Mar-12 Mar-13
PROFIT FOR THE YEAR (PAT) 100 123 110




The chart of PAT shows the fluctuating trend. As in 2011 PAT of the company is 100 which
is increase in 2012 by 123 then after it is again increase and become 110 in 2013. As compare
to the base year performance of the company is good but compare to the year 2012 in 2013 it
is bad. So that we can say that company should have concentrate on their profit and take right
decision.


0
20
40
60
80
100
120
140
PROFIT FOR THE YEAR (PAT)
Mar-11
Mar-12
Mar-13

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Horizontal Analysis
Financial statement presents comparative information for the current year as
well as the previous year. A simple approach to financial statement analysis,
known as horizontal analysis, is to calculate the amount and percentage changes
from the previous year to the current year.












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Horizontal analysis of balance sheet
particulars Mar-11 Mar-12 Mar-13

EQUITY AND LIABILITIES
1 Shareholders funds
(a) Share capital 0% 0% 0%
(b) Reserves and surplus 0% -45.74% -70.31%

2 Non - current liabilities 0% 28.28% 73.50%
(a) Long term liabilities 0% 31.25% 79.46%
(b) Deferred tax liabilities (Net) 0% 15.61% 46.34%
(c) Long - term provisions 0% -6.50% 15.47%

3 Current liabilities 0% 27.84% 30.68%
(a) Trade payables 0% -10.60% 9.64%
(b) Other current liabilities 0% 65.62% 69.37%
(c) Short - term provisions 0% -0.64% -34.85%

Total 0% 46.54% 47.87%

II ASSETS

1 Non - current assets
(a) Fixed assets 0% 7.41% 24.14%
(i) Tangible assets 0% -8.10% -17.32%
(ii) Intangible assets 0% 17.24% 52.21%
iii) Capital work-in-progress 0% 22.26% -24.28%

(b) Long term investments, non- current 0% -44.79% -32.01%
(c) Long - term loans and advances 0% -55.90% -127.9%
(d) Other non- current assets 0% -58.31% -121.8%

2 Current assets
(a) Current investments 0% 29.44% 35.47%
(b) Inventories 0% -28.70% -21.30%
(c) Trade receivables 0% -108.52% -409.2%
(d) Cash and cash equivalents 0% -7.41% -153.1%
(e) Short - term loans and advances 0% -37.97% -60.58%
(f) Other current assets 0% -9.70% 13.29%

Total 0% 33.44% 35.10%

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This chart shows the horizontal analysis of share holders fund. In 2012 it is -45.74 and in
2013 it is become 70.31. Which is interpret that the share holders fund decrease by 45.74% as
compare to the 2011 and 70.31% decrease in 2013.


-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
Shareholders funds
Mar-11
Mar-12
Mar-13

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This chart shows the horizontal analysis of non-current liabilities. In 2012 it is 28.28and in
2013 it is become 73.50. Which is interpret that the share holders fund increase by 28.28% as
compare to the 2011 and 73.50% increase in 2013.




0%
10%
20%
30%
40%
50%
60%
70%
80%
Non - current liabilities
Non - current liabilities
Mar-11
Mar-12
Mar-13

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This chart shows the horizontal analysis of current liabilities. In 2012 it is 27.84 and in 2013
it is become 30.68. Which is interpret that the share holders fund increase by 27.84% as
compare to the 2011 and 30.68% increase in 2013.


0%
5%
10%
15%
20%
25%
30%
35%
Current liabilities
Current liabilities
Mar-11
Mar-12
Mar-13

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This chart shows the horizontal analysis of non-current asset. In 2012 it is 2.23 and in 2013 it
is become 15.27. Which is interpret that the share holders fund increase by 2.23% as compare
to the 2011 and 15.27% increase in 2013.




0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
1 Non - current assets
Mar-11
Mar-12
Mar-13

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This chart shows the horizontal analysis of non-current asset. In 2012 it is 16.30and in 2013 it
is become 12.03. Which is interpret that the share holders fund increase by 16.30% as
compare to the 2011 and 12.03% increase in 2013.



Horizontal Analysis of profit and loss
account
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Current assets
Mar-11
Mar-12
Mar-13

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PARTICULAR MAR-11 MAR-12 MAR-13
I REVENUE FROM OPERATIONS
(a) Gross sales of products 0.00% -21.11% -23.29%
Less: Excise duty 0.00% -16.84% -33.47%
(b) Other operating revenue 0.00% -37.99% -21.24%
Net revenue from operations 0.00% -21.55% -22.53%
II OTHER INCOME 0.00% -25.88% -37.55%
III TOTAL REVENUE (I + II)

0.00% -21.62% -22.75%
IV EXPENSES:
(a) Cost of materials consumed 0.00% -22.85% -22.85%
(b) Changes in inventories of finished goods and work
in-progress
0.00% -248.46% -36.33%
(c) Employee benefits expenses 0.00% -18.83% -32.63%
(d) Finance costs 0.00% -40.41% 21.49%
(e) Depreciation and amortization expenses 0.00% -172.71% -183.75%
(f) Other expenses 0.00% 5.46% -10.20%
Total Expenses 0.00% -22.53% -25.78%
V PROFIT BEFORE EXCEPTIONAL ITEMS AND
TAX (III - IV)
0.00% -15.30% -1.80%
VI EXCEPTIONAL ITEMS 0.00% 100.00% 100.00%
VII PROFIT BEFORE TAX (V - VI) 0.00% -19.13% -5.17%
VIII TAX EXPENSES:
(a) Current tax 0.00% -19.76% -5.64%
(b) Minimum alternate tax 0.00% 51.93% 83.08%
(c) Net current tax 0.00% -37.16% -27.18%
(d) Deferred tax 0.00% 59.04% 19.33%

IX PROFIT FOR THE YEAR (VII-VIII) 0.00% -23.35% -9.87%
X BASIC AND DILUTED EARNINGS PER EQUITY
SHARE
0.00% -18.46% -5.51%


PARTICULAR MAR-11 MAR-12 MAR-13

TOTAL REVENUE 0% -21.62% -22.75%

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Total Expenses 0% -22.53% -25.78%
PROFIT BEFORE EXCEPTIONAL ITEMS AND
TAX
0% -15.30% -1.80%
PROFIT BEFORE TAX 0% -19.13% -5.17%
PROFIT FOR THE YEAR (PAT) 0% -23.35% -9.87%



This chart shows the horizontal analysis of total revenue. In 2012 it is -21.62 and in 2013 it is
become -22.75. Which is interpret that the total revenue fund decrease by 21.62% as compare
to the 2011 and 22.75% decrease in 2013.which is not so good for company.


-25%
-20%
-15%
-10%
-5%
0%
Jan/11 Jan/12 Jan/13
TOTAL REVENUE
TOTAL REVENUE

45 | P a g e


This chart shows the horizontal analysis of total expenses. In 2012 it is -22.53 and in 2013 it
is become -25.78. Which is interpret that the total expenses decrease by 22.53% as compare
to the 2011 and 25.78% decrease in 2013.which is good for company.





-30%
-25%
-20%
-15%
-10%
-5%
0%
Jan/11 Jan/12 Jan/13
Total Expenses
Total Expenses

46 | P a g e



This chart shows the horizontal analysis of profit before tax. In 2012 it is -19.13 and in 2013
it is become -5.17. Which is interpret that the profit before tax decrease by 19.13% as
compare to the 2011 and 5.17% decrease in 2013.


-25%
-20%
-15%
-10%
-5%
0%
Jan/11 Jan/12 Jan/13
PROFIT BEFORE TAX
PROFIT BEFORE TAX

47 | P a g e


This chart shows the horizontal analysis of profit after tax. In 2012 it is -23.35 and in 2013 it
is become -9.87. Which is interpret that the profit before tax decrease by 23.35% as compare
to the 2011 and 9.87% decrease in 2013.




Vertical Analysis: Balance Sheet
-25%
-20%
-15%
-10%
-5%
0%
Jan/11 Jan/12 Jan/13
PROFIT FOR THE YEAR (PAT)
PROFIT FOR THE YEAR (PAT)

48 | P a g e

PARTICULARS Mar-11 Mar-12 Mar-13

I EQUITY AND LIABILITIES
1 Shareholders funds
(a) Share capital 0.22 0.40 0.41
(b) Reserves and surplus 15.77 42.98 51.51

2 Non - current liabilities
(a) Long term liabilities 7.95 10.23 3.13
(b) Deferred tax liabilities (Net) 1.33 2.11 1.37
(c) Long - term provisions 0.19 0.38 0.31

3 Current liabilities
(a) Trade payables 11.21 23.19 19.43
(b) Other current liabilities 15.67 10.07 9.21
(c) Short - term provisions 5.65 10.64 14.62

Total 100 100 100

II ASSETS

1 Non - current assets
(a) Fixed assets 27.80 38.67 32.50
(i) Tangible assets 10.85 17.63 19.62
(ii) Intangible assets 16.61 20.65 12.23
iii) Capital work-in-progress 0.34 0.39 0.64

(b) Long term investments, non- current 3.13 6.82 6.37
(c) Long - term loans and advances 2.30 5.40 8.09
(d) Other non- current assets 0.11 0.26 0.38

2 Current assets
(a) Current investments 31.39 33.27 31.21
(b) Inventories 3.53 6.83 6.60
(c) Trade receivables 0.88 2.75 6.90
(d) Cash and cash equivalents 0.48 0.78 1.88
(e) Short - term loans and advances 2.32 4.81 5.74
(f) Other current assets 0.25 0.41 0.33

Total 100 100 100

EQUITY AND LIABILITIES


49 | P a g e



Share capital
Reserves and
surplus
Long term liabilities
Deferred tax
liabilities (Net)
Long - term
provisions
Other current
liabilities
Trade payables
Short - term
provisions
Mar-2011
Share capital
Reserves and
surplus
Long term liabilities
Deferred tax
liabilities (Net)
Long - term
provisions
Trade payables
Other current
liabilities
Short - term
provisions
Mar-2012

50 | P a g e









Share capital
Reserves and
surplus
Long term
liabilities
Deferred tax
liabilities (Net)
Long - term
provisions
Trade payables
Short - term
provisions
Other current
liabilities
Mar-2013

51 | P a g e

ASSETS




Fixed assets
Long term
investments, non-
current
Long - term loans
and advances
Other non-
current
assets
Current investments
Inventories
Trade receivables
Cash and cash
equivalents
Short - term loans
and advances
Other
current
assets
Mar 2011

52 | P a g e







Fixed assets
39%
Long term
investments, non-
current
7%
Long - term loans
and advances
5%
Other non- current
assets
0%
Current investments
33%
Inventories
7%
Trade receivables
3%
Cash and cash
equivalents
1%
Short - term
loans and
advances
5%
Other current assets
0%
Mar 2012

53 | P a g e








Fixed assets
39%
Long term
investments, non-
current
4%
Long - term loans
and advances
3%
Other non- current
assets
0%
Current investments
44%
Inventories
5%
Trade receivables
1%
Cash and cash
equivalents
1%
Short - term
loans and
advances
3%
Other current
assets
0%
Mar 2013

54 | P a g e

Vertical Analysis: Profit and Loss Account



This chart shows the vertical analysis of profit and loss account year of 2011. This chart
shows the part of the income is where gone. Here total sales is 100 which is base from this
100 other income get1.49, total expenses get 88.68 profit before tax get 12.40 and at last
profit after tax get 9.94. As per the data we can say that company get 9.94% profit from the
sales of items which is good for the company.
OTHER INCOME
Total Expenses
PROFIT BEFORE TAX
PROFIT FOR THE
YEAR (PAT)
Mar-11
PARTICULAR Mar-11 Mar-12 Mar-13

REVENUE FROM OPERATIONS(SALES) 100 100 100
OTHER INCOME 1.49 1.55 1.68
Total Expenses 88.68 89.40 91.03
PROFIT BEFORE TAX 12.40 12.15 10.64
PROFIT FOR THE YEAR (PAT) 9.94 10.09 8.91

55 | P a g e


This chart shows the vertical analysis of profit and loss account year of 2012. This chart
shows the part of the income is where gone. Here total sales is 100 which is base from this
100 other income get 1.55, total expenses get 89.40 profit before tax get 12.15 and at last
profit after tax get 10.09. as per the data we can say that company get 10.09% profit from the
sales of items which is good for the company. As compare to the last Year Companys profit
is increase.




OTHER INCOME
Total Expenses
PROFIT
BEFORE TAX
PROFIT FOR THE
YEAR (PAT)
Mar-12

56 | P a g e




This chart shows the vertical analysis of profit and loss account year of 2012. This chart
shows the part of the income is where gone. Here total sales is 100 which is base from this
100 other income get 1.68, total expenses get 91.03 profit before tax get 10.64 and at last
profit after tax get 8.91. As per the data we can say that company get 8.91% profit from the
sales of items which is good for the company. As compare to the last Year Companys profit
is decrease which is not so good for the company as well as share holders.


OTHER INCOME
Total Expenses
PROFIT BEFORE TAX
PROFIT FOR THE
YEAR (PAT)
Mar-13

57 | P a g e


RATIO ANALYSIS
INTRODUCTION
Financial analysis is the process identifying financial strength and weakness of the firm by
properly established relationship between the item of the balance sheet and profit and loss accounts.
Ratio analysis is powerful tool to financial. Ratio is definded as the indicated quotient of two
mathematical expression and the relationship two or more thing.
Ratio analysis involves establishing a relevant financial relationship between components of
financial statement. Using a ratio analysis we can easily conclude the position of industryies. The ratio
can be classified as follows.
PROFITABILITY RATIO
LIQUIDITY RATO
ASSETS TURNOVER RATIO
FINANCE STRUCTURE RATIO
VALUATION RATIO












PROFITABILITY RATIO

58 | P a g e

Analysis should earn profit to survive and grow over a long period of time. It would
be wrong to assume that every action initiated by management of company should be aimed
at maximization profit. Irrespective of social as well as economic consequence it is fact that
sufficient must be earned to sustain the operation of the business to be eble to obtain fund
from investor for expanses and grow and to contribution toward the welfare of the society in
business environment and globalization.
Profitability ratios are as under
(1) Gross profit ratio
(2) Net profit ratio
(3) Operating profit ratio
(4) Rate of return on investment
(5) Rate of return on equity.


(1) GROSS PROFIT RATIO

Gross profit ratio = gross profit /sales*100

Years 2011 2012 2013
Gross profit 3939.25 5115.3 4984.47
Sales 19397.93 23579.03 23768.11

Gross profit ratio 20.31% 21.69% 20.97%






59 | P a g e



Inter pretation :
We have following the above details company gross profits increase in every year and that is position
good for the company in future. Here company 2013 comparison 2012 low gross profit but good
position in the present market condition


NET PROFIT RATIO:

Net profit ratio = Net profit / sales * 100




Years 2011 2012 2013
Net profit 2118.16 2378.13 1927.9
Sales 19397.93 23579.03 23768.11

Net profit
ratio
8.91% 10.09% 9.94%







19.50%
20.00%
20.50%
21.00%
21.50%
22.00%
2011 2012 2013
grossprofit

60 | P a g e



Inter pretation :

Net profit ratio shows the value of net income of the company against total sales. We have seen the
above details than decide compare for 20012 to2013 not good for a company net profit. But all over
result of the company far far batter and future expansion is also good.

Operating profit ratio :
Operating profit ratio = Operating profit /sales*100

Years 2011 2012 2013
Operating
profit
3191.03 3535.32 2557.94
Sales 19397.93 23579.03 23768.11

Operating
profit ratio
13.43% 14.99% 13.19%

8.2
8.4
8.6
8.8
9
9.2
9.4
9.6
9.8
10
10.2
2011 2012 2103
net profit ratio

61 | P a g e


INTERPRETATION
It is not actual or gross profit. But like total profit hand during the year. There is a record of
day to day expenses cone by the company mainly on selling & administrative basis.
Companys operating profit ratio was increased in 2012 and then decreased in 2013 to 2011
to 2013 because of high expenses and low market condition.
We look at the above calculation compare to last year of the company is decrease the
operating profit approximately 10% that is not good position of the company.


Rate of Return on Equity





Years 2011 2012 2013
Profit for the equity
1927.9

2378.13 2118.16
12
12.5
13
13.5
14
14.5
15
15.5
2011 2012 2013
operatin profit ratio
RROE = PAT/Net Worth *100

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New worth 2956.06 4289.83 5006.24
Raturn on equity
ratio
65.22 55.44 42.31




INTERPRETATION

RROE indicate how the resources of the owners have been used. This ratio is one of the
most important to the financial analysis. This ratio measures the efficiency with which
shareholders funds are employed.
Shareholders expected managers to earn a ROE higher than the firms cost of capital.
Competitors try and replace a companys special advantages in production offerings and
burden .in the present situation company position on batter because company ROE can
degrees for the 2011 to 2013



0
10
20
30
40
50
60
70
2011 2012 2013
Column2
Column1
ROE

63 | P a g e

Rate of Return on Investment


Years 2011 2012 2013
EBIT 2419.93 2886.01 2541.11
TOTAL ASSETS 14856.5 9888.92 9641.65
Rate of return on
equity
16.29% 29.18% 26.36%


Interpretation
Here company gives more return on investment. RROI ratio is related to the investors. Here
company gives more return on investments. This year RROI is less compared to the previous
year.
We look at the above details company comparative decrease RROI in comparison 2011 to
2013 low in the present situation far far lose.it means company prostitution is not a good for
2013.


0
5
10
15
20
25
30
35
2011 2012 2013
Column2
RRE
Column1
RROI = EBIT/Total assets *100

64 | P a g e



LIQUIDITY RATIO

Liquidity ratio is the ratio, which given then liquidity for the company i.e. they are company
for seeing whether is capable of meeting its short term obligation form its short-term
resources. The failure of the company to meet its obligation due to lack of the sufficient
liquidity will result in reducing the creditworthiness of the company. In addition, a very high
degree of the liquidity ration is because the idle assets earn nothing and also the companys
fund will be unnecessarily tide up in current assets. Therefore, the liquidity ration should be
in the proper rate. The different types of liquidity ratio are calculating as under and are
interpreted

Liquidity ratio includes the followings ratio
Current ratio
Quick ratio
Net working ratio
Cash generated per rupee of sales











65 | P a g e




Current Ratio

Current ratio= Current Assets /Current Liablities
Years 2011 2012 2013
Current assets 5771.84 4830.96 5077.61
Current liability 6016.71 4341.44 4170.68
Current ratio 0.95 1.11 1.22


2013 2012 2011
company 1.22 1.11 0.96
Industry 0.97 0.86 0.66

Interpretation
It is widely used indicator of companys ability to pay its debts in the short-term. It shows the
amount per rupee of current liabilities.
current ratio shows the relation between current assets and current liabilities. As per the data
companys current ratio in 2013 is 1.22 and industry s ratio is 0.97 company is better than
industry because the standard value of current ratio is 2:1 here company is more capable to
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2011 2012 2013
company
industry

66 | P a g e

pay its liabilities then the industry. Similarly in other years situation is same in 2012
companys ratio is 1.11 and industrys ratio is 0.86 in 2011 companys ratio is 0.96 and
industrys ratio is 0.66. so that we can say that company is good in maintain their assets and
liabilities.
Quick Ratio


Years 2011 2012 2013
Quick asset 5246.91 4155.39 4440.85
Quick liability 6016.71 4341.44 4170.68
Quick assets ratio 0.87 0.96 1.06



2013 2012 2011
Company 1.06 0.96 0.87
Industry 0.7 0.59 0.46




0
0.2
0.4
0.6
0.8
1
1.2
2011 2012 2013
company
industry
QR = QA/QL

67 | P a g e



Interpretation
This ratio is the expression of current assets less inventories to current liabilities. It is a part of
liquidity ratio. This ratio established the relationship between quick and liquid if it can be converted
into cash immediately or reasonable soon without a loss of value cash in the most liquid assets than
other assets which are considered to be relatively liquid and includes in the quick assets are book debt
and marketable security. It is also constantly decreased in all financial years and proves to be bad
condition between quick assts and quick liabilities.
Quick ratio shows the capacity of company to pay liabilities in short time. It shows the quickness of
company to pay liabilities. There are some quick assets are available in company like cash on hand,
bank balance, debtors, etc. as per the data in 2013 quick ratio of the company is 1.06 and the industry
is 0.7 the company is much better than the industry because the ideal Quick ratio should be 1:1. so
that we can say that company maintain their assets and liabilities. In 2012 it is 0.96 in 2011 it is 0.87
in 2009 it is 1.91 and in 2008 it is 1.64 this is near to the ideal ratio so that we can say that it is good
for the company.
Net Working Capital Ratio



Years 2011 2012 2013
Total current assets 2068.25 1540.66 1108.55
Total current liability 4170.68 4341.44 6016.71
Net working capital -2102.43 2800.78 4908.16

Interpretation
Net working capital means the different between total current assets and total current liabilities. A
positive net working capital is good indicator of liabilities position of the company. Here, as indicated
for all five financial years the NWCR going to be negative. This means that the company is not
increasing its safety stock properly.

NWCR = Total CA Total CL

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Bank Finance gap ratio

75%(CA-CL)
Years 2011 2012 2013
Total current assets 5246.91 4155.39 4440.85
Total current liability 6016.71 4341.44 4170.68
Bank financial gap
ratio
-768.8 -186.05 270.17






-3000
-2000
-1000
0
1000
2000
3000
4000
5000
6000
2011 2012 2013
NWCR

69 | P a g e




ASSETS TURNOVER RATIO

In is basically is basically ratio which measure the output produced from the given input deployed.
This includes

Total assets turnover
Net fixed assets turnover
Inventory turnover
Debtors turnover














70 | P a g e






Total Assets Turnover


Years 2011 2012 2013
Sales 19245.03 23368.05 23582.74
Total assets 14856.5 9888.92 9641.65
Total assets turnover
ratio
1.3 times 2.36 times 2.45 times





0
0.5
1
1.5
2
2.5
3
2011 2012 2013
Total assets turnover ratio
TAT = Total sales / Total assets

71 | P a g e


Interpretation
This is a measure of the efficiency with which the assets are utilized. It indicates how many
times the assets were turned over in a period. This ratio states utilization of assets which is done
in a proper manner or not. It is shown in the graph that it is decreased in all the years so; the
company has to maintain it good to run its business successively.
we have solve the above calculation of the company total assets are good for the
company because than increase2.45 times compare the previous year and total assets more
increased than the reason about the company future is good.

Net Fixed Assets Turnover


Years 2011 2012 2013
Sales 19245.03 23368.05 23582.74
Net fixed assets 4130.24 3824.35 3133.07
Net fixed assets
turnover ratio
4.66 times 6.11 times 7.53 times


NFAT = Total sales / Net fixed assets

72 | P a g e



Interpretation
It is calculated by sale to net fixed assets. If it is higher than it means a company better selling in
market and if it is low then the company has no more selling in the market as compared to the other
companies. According to the above graph this ratio is increased in all years. And it will affects to the
investment of the company.
Fixed assets turnover ratio shows the relationship between net revenue or sales and fixed asset. It
shows the part of the fixed assets return in the sales. Here it is 4.66times in the 2011, 6.11 times in
2012 and 7.33 times in 2013 years. It means company good position to fixed assets turnover compare
to previous year.



NET WORKING CAPITAL TURN OVER RATIO:

NFAT = Total sales / Net fixed assets

Years 2011 2012 2013
Sales 19245.03 23368.05 23582.74
0
1
2
3
4
5
6
7
8
Net fixed assets turnover ratio
2011
2012
2013
NWCT = Total sales / Net
working assets

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Net working assets 4138.36 2614.73 2372.60
Net working capital
turnover ratio
4.65 times 8.98 times 9.94 times

Interpretation
This ratio shows the number of times a companys working capital is turnover in to sales. The lesser
the working capital, the greater the cash available for the meeting operating needs. In recent years,
many company not operating cycle time decreased but in this company working capital turn over ratio
is comparative increase in 2011 to 2013 in the 2011 WCTR is 4.65 times in the compare 2013 double
like a 9.94 times.
Inventory Turnover


Avg. Inventory= opening inventory + closing inventory /2
Years 2011 2012 2013
Sales 19245.03 23368.05 23582.74
inventory 524.93 675.57 636.76
Inventory turnover
ratio
36.66 times 34.59 times 37.04 times

0
2
4
6
8
10
12
Net working capital turnover ratio
2011
2012
2013
IT = Total sales / Avg. inventory

74 | P a g e




Interpretation
Inventory turnover ratio shows amount blocked in stock and how fast it can be converted into sales
and finally in cash. The ratio also shows the no. of times the companys inventory is turned into sales.
Efficiency of the company is indicating by this. Stock turnover is high in 2011 as compared to
2013and lower as compared to the 2012 years. But in the present year is a good turn over in the past
data far far batter.

Debtors Turnover Ratio



Years 2011 2012 2013
Sales 19245.03 23368.05 23582.74
Avg. debtors 1119.49 2011.45 1821.655
33
33.5
34
34.5
35
35.5
36
36.5
37
37.5
Inventory turnover ratio
2011
2012
2013
DTR = Sales / Avg. debtors

75 | P a g e

Debtors turnover ratio 17.19times 11.62 times 12.95 times


Interpretation
The debtors ratio is very important for all the companies because the company made its payment
only according when its debtors paid it. It indicates efficiency of the company in management of
account receivables. Here debtors turnover ratio is fluctuating all over the years. It indicate in how
many times the debtors is moving in a particular year in respect to sales. Here it is showing decline in
the current year from the previous year. Which means the collection period is declining or the credit
sales is declining. Company position is year 2011 ,17 times turn over comparative not good for 2013
13 times turnover. But future expansion of the company is batter per performance than batter position.




FINANCIAL STRUCTURE RATIO

Financial structure ratio includes the relative mix or blending of owners fund and outsiders debt
fund in the total capital employed in the business. It should be noted that equity funds are the prime
funds are supplementary funds and are added at the discretion off the management. Management
0
2
4
6
8
10
12
14
16
18
20
Debtors turnover ratio
2011
2012
2013

76 | P a g e

prefers to choose debt only when it helps in enhancing the earning of equity. The debt funds carry
fixed committed interest rate. When debt funds are used to generate ROI greater then interest cost on
debt, the equity earnings are enhanced, but if the interest cost is higher then include the ROI, it
adversely affects the earnings of owners.

It includes the following ratios
Equity ratio
Debt equity ratio
Debt ratio
Interest coverage ratio










4.5.1 Equity Ratio


Years 2011 2012 2013
Net worth 6685.07 6308.26 5538.46
Total capital employed 12023.63 11647.48 10001.24
ER = Net Worth / total capital employed

77 | P a g e

Equity ratio 0.55 0.54 0.55

Interpretation
Equity ratio shows the owners fund in total capital employed. High equity ratio means company is
more relaying on internal funds and less on external debts. All three years ratios are given in table. It
means in every Rs. 1 company have out of that 55% ownership equity fund. It is lower in the year
2012 as compared to other financial years. But this is not lower a equity it most preferable company
high to others.
Debt Equity Ratio


Years 2011 2012 2013
Net worth 6685.07 6308.26 5538.46
Total long term debt 1743.49 1257.65 864.73
DER 3.83 5.02 6.04

0.534
0.536
0.538
0.54
0.542
0.544
0.546
0.548
0.55
0.552
Equity ratio
2011
2012
2013
DER = Total long term debt/ Net Worth

78 | P a g e



Interpretation
This ratio indicates the position as debt compared to equity. The general or standard debt equity ratio
is 2:1. it indicates borrowing capacity of organization and emphasis that more the borrowing the more
rate of return is. This ratio states that when company is unable to pay debts the ratio gets higher. Here
the ratio first increasing a future .2011 3.83, 2012 is a 5.02 and 2013 is a 6.04 ratio position is 2 but
company far far batter.
3 Debt Ratio


Years 2011 2012 2013
Long term debt 5410.63 5357.84 4500.55
Total capital employed 12023.63 11647.48 10001.24
DR 0.45 0.46 0.45

0
1
2
3
4
5
6
7
DER
2011
2012
2013
DR = long term debt / Total capital employed

79 | P a g e


Interpretation
Debt ratio is the clear indication of whether the company has debtors or not, and if dependent then
how much of it. As mention above, this ratio is moreover fluctuated within these three financial years.
Company is debt 0.45:1 it means that 45% borrowed to other public it is a good position of the
company.

Interest Coverage Ratio


Years 2011 2012 2013
PBIT 2416.67 2886.01 2544.37
Interest 11.91 21.3 15.17
ICR 202.91 135.49 167.72


0.444
0.446
0.448
0.45
0.452
0.454
0.456
0.458
0.46
0.462
DR
2011
2012
2013
ICR = PBIT / Interest

80 | P a g e


Interpretation
The ratio shows whether the company has sufficient income to cover its interest requirement by a
wide margin. If it goes higher then it means the company is very healthy to fulfil its interest burden
even if its EBIT decline. This ratio indicates ability to meet current interest & instalment due. In
2011company has not greater ability to pay its interest with compared to PAT. In 2011 the company
has required higher loan.










0
50
100
150
200
250
ICR
2011
2012
2013

81 | P a g e






















DU-PONT Chart:




ROI (in %)
2011: 16.29
2012: 29.18
2013: 26.36


82 | P a g e

















_____







Profit Margin (%)
2011-8.91
2012-10.09
2013-9.94



2008-09-7.80

Total Assets
Turnover(times)
2011-1.3
2012-2.36
2013-2.45
EBIT
2011-2416.67
2012-2886.01
2013-2544.37

Total Sales
2011-19245.03
2012-23368.05
2013-23582.74
Sales + Non Operating
Expenses
2011-24238.14
2012-24019.3
2013-19791.38


Operating Expenses
2011-20107.05
2012-19603.44
2013-16446.54


Investments
2011-524.93
2012-675.57
2013-636.76

Net Working Capital
2011-3070.98
2012-3785.51
2013-4080.28



Net Fixed Assets
2011-4130.24
2012-3824.35
2013-3133.07



83 | P a g e



___ ___










Balance sheet
particulars Mar-13 Mar-12 Mar-11

I Liabilities


1 EQUITY AND LIABILITIES
1 Shareholders funds
(a) Share capital 39.94 39.94 39.94
b) Reserves and surplus 4966.3 4249.89 2916.12

2 Non - current liabilities
(a) Long term liabilities 302.16 1011.39 1471.04
(b) Deferred tax liabilities (Net) 132.41 208.26 246.77
Total Fixed Assets
2011-4130.24
2012-3824.35
2013-3133.07


Accumulated
Depreciation
2011-402.38
2012-1097.34
2013-1141.75


Total Current
Assets
2011-4663.29
2012-3290.3
2013-3009.36

Current Liability +
Provision
2011-6016.71
2012-4341.44
2013-4170.68


84 | P a g e

(c) Long - term provisions 30.16 38 35.68

3 Current liabilities
(a) Trade payables 1873.34 2293.17 2073.3
(b) Other current liabilities 887.64 996.2 2898.02
(c) Short - term provisions 1409.7 1052.07 1045.39

Total 9641.65 9888.92 10726.26

II ASSETS

1 Non - current assets
(a) Fixed assets
(i) Tangible assets 1891.76 1743.14 1,612.53
(ii) Intangible assets 1179.22 2042.37 2,467.75
iii) Capital work-in-progress 62.09 38.84 49.96

(b) Long term investments, non- current 614.47 673.96 465.46
c) Long - term loans and advances 780.06 533.64 342.29
d) Other non- current assets 36.44 26.01 16.43

2 Current assets
(a) Current investments 3009.36 3290.3 4,663.29
(b) Inventories 636.76 675.57 524.93
(c) Trade receivables 665 272.31 130.59
(d) Cash and cash equivalents 181.04 76.82 71.52
(e) Short - term loans and advances 553.55 475.6 344.72
(f) Other current assets 31.9 40.36 36.79

Total 9641.65 9888.92 10726.26
P&L Account
Particular Mar 2013 Mar 2012 Mar 2011
I REVENUE FROM OPERATIONS
(a) Gross sales of products 25474.54 25024.04 20662.39
Less: Excise duty 1891.8 1655.99 1417.36

(b) Other operating revenue 185.37 210.98 152.9
Net revenue from operations 23768.11 23579.03 19397.93
II OTHER INCOME 398.38 364.57 289.62
III TOTAL REVENUE (I + II) 24166.49 23943.6 19687.55
IV EXPENSES:
(a) Cost of materials consumed 17364.86 17365.41 14135.17
(b) Changes in inventories of finished goods and work
in-progress
32.8 83.84 24.06

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(c) Employee benefits expenses 820.92 735.52 618.95
(d) Finance costs 11.91 21.3 15.17
(e) Depreciation and amortization expenses 1141.75 1097.34 402.38
(f) Other expenses 2265.05 1943.16 2055.34
Total Expenses 21637.29 21078.89 17202.95
V PROFIT BEFORE EXCEPTIONAL ITEMS
AND TAX (III - IV)
2529.2 2864.71 2484.6
VI EXCEPTIONAL ITEMS 0 0 79.84
VII PROFIT BEFORE TAX (V - VI) 2529.2 2864.71 2404.76
VIII TAX EXPENSES:
(a) Current tax 502.61 569.76 475.76
(b) Minimum alternate tax 15.72 44.67 92.92
(c) Net current tax 486.89 525.09 382.84
(d) Deferred tax 75.85 38.51 94.02

IX PROFIT FOR THE YEAR (VII-VIII) 2118.16 2378.13 1927.9
X BASIC AND DILUTED EARNINGS PER
EQUITY SHARE
106.07 119.09 100.53